BALI vs XSPI: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

NEOS Boosted S&P 500 High Income ETF

XSPICNasdaq

Overlap

57.4%by weight

Expense ratio

BALI −0.63pt a year

BALI0.35%XSPI0.98%

Avg volume · 30D

BALI 4.2×the volume

BALI337KXSPI80.5K

BALI vs XSPI Performance

Jul 31, 2026 – Oct 30, 2026

+1.6%BALI+2.2%XSPI

Expense ratio: BALI 0.35%, better; XSPI 0.98%
Fund size: BALI $1.54B; XSPI $136M
1Y total return: BALI +15.6%; XSPI No data
Yield (12M): BALI 7.84%; XSPI No data
Holdings: BALI 193; XSPI 504
Avg volume (30D): BALI 337K sh, better; XSPI 80.5K sh
NAV per share: BALI $34.08; XSPI $48.31
52W range

ETF.net Grade

Pillar letters and Scores for BALI, XSPI, with each pillar’s weight
Pillar	BALI	XSPI
Cost30% weight	A77Higher	F8
Mission25% weight	A100	A100
Risk15% weight	B56Higher	F23
Tradability15% weight	A83Higher	A70
Holdings10% weight	A83Higher	B60
Durability5% weight	A85Higher	C48

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and XSPI are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

BALI ranks 2nd and XSPI 34th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 32CSPUTInnovator Equity Premium Income – Daily PutWrite ETFScore 52
Rank 34CXSPINEOS Boosted S&P 500 High Income ETFScore 49
Rank 35CSPYTDefiance S&P 500 Target Income ETFScore 47

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

XSPICNEOS Boosted S&P 500 High Income ETF

In short

BALI BlackRock's active answer to the covered-call crowd: roughly 200 hand-picked U.S. large caps, calls written on the S&P 500 itself rather than single stocks, monthly payouts, at well under the typical fee in its peer group.

XSPI The leveraged cousin in the NEOS income lineup: S&P 500 stocks plus a laddered call overlay, boosted with synthetic long exposure to roughly 150% notional, in pursuit of a 15% annualized distribution paid monthly.

Stated mandate

BALI BALI seeks consistent income with lower volatility than the broader U.S. equity market. It primarily holds U.S. large-cap equities, sells calls on a large-cap equity index, and uses related index futures to pursue premium income and capital appreciation.

XSPI The Fund seeks high monthly income in a tax-efficient manner, with potential for enhanced equity appreciation in rising markets.

Why people hold it

BALI 0.35% a year against a 0.60% median for S&P 500 option-income funds, and below what XYLD (0.60%) or SPYI (0.68%) charge for similar work.
Actively run, not a mechanical buy-write: about 200 large caps picked by the manager, index calls sold on top, index futures used alongside.ishares.com
Pays monthly, and the mandate chases capital appreciation as well as premium, so the stock sleeve is not just collateral for the options.
Does what its documents say it does, and stands among the stronger implementations in the S&P 500 option-income group.

XSPI The boost is mechanical: buy index calls and sell index puts at similar strikes to reach about 150% notional exposure, then write additional SPX calls on top. More premium collected, more equity exposure working.neosfunds.com sec.gov
Calls are laddered out of the money and not written across the whole portfolio, so part of a rally stays open rather than being capped away.neosfunds.com
Built on the same S&P 500 options framework as NEOS's flagship SPYI, using index options and distributions the issuer has classified as return of capital, which defers tax and trims cost basis instead of hitting as ordinary income.neosfunds.com
Income is designed to arrive monthly rather than quarterly, from an actively managed overlay on the 500 largest US listed companies.

Worth knowing

BALI Selling index calls swaps part of a big rally for premium. The design targets lower volatility than the broad market, not maximum upside.
Distributions can include return of capital, meaning part of a payout may be your own money coming back rather than fund earnings.ishares.com
Launched in 2023, so the track record is short, and it trades at moderate volume rather than with the tightest spreads in the category.

XSPI Fees run high: 0.98% versus a roughly 0.6% median for S&P 500 options-income funds, and above the unleveraged sibling SPYI at 0.68%. The boost and the overlay cost real money.
Leverage cuts both ways. Roughly 150% notional exposure magnifies drawdowns as well as gains, and the call overlay can mute part of the bounce back.neosfunds.com sec.gov
Launched in February 2026, so the track record is thin, and a payout funded partly by return of capital reduces both net asset value and your cost basis over time.neosfunds.com

Full BALI profile⁠

Full XSPI profile⁠

BALI vs XSPI Holdings

How BALI and XSPI differ

Overlap by weight

57.4%

Shared holdings make up 87.7% of BALI and 65.5% of XSPI.

Level by level

Holdings117 in both57.4%
Countryby domicile99.4%
Asset classEquity100%

Sector

No Sector split for XSPI.

Country, concentration and asset class

Country by domicile

Country weights in BALI and XSPI, widest gap first
Country	More in BALIMore in XSPI	BALI	XSPI
United States	XSPI +0.1 points	99.4%	99.5%
Netherlands	BALI +0.4 points	0.4%	0.0%
Switzerland	XSPI +0.3 points	0.0%	0.3%
United Kingdom	BALI +0.2 points	0.2%	0.0%
China	XSPI +0.1 points	0.0%	0.1%
Brazil	BALI +0.1 points	0.1%	0.0%
Mexico	XSPI +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BALI35.0%
XSPI40.6%

Securities held

BALI190
XSPI504

Asset class

BALI: Equity
XSPI: Equity

Holdings

Only in BALI73
In both117
Only in XSPI387

Only in BALI

73 securities, 8.4% of BALI by weight

Berkshire Hathaway Inc Class B1.81%
American Financial Group0.50%
Ferrovial NV0.33%
Texas Roadhouse Inc0.29%
Agnc Investment Reit0.29%
First Hawaiian0.26%
Dynatrace Inc0.23%
Amdocs0.23%
Blue Owl Capital Class A0.21%
Popular0.19%
United Therapeutics0.17%
New York Times Class A0.17%
Neurocrine Biosciences0.16%
First Horizon0.16%
Viking Holdings Ltd0.15%
Exelixis Inc0.15%
Healthcare Realty Trust Inc Class0.14%
Rpm International Inc0.13%
Applied Industrial Technologies0.13%
Natera0.13%
Rayonier Reit0.11%
Sentinelone Inc Class A0.10%
Omega Healthcare Investors Reit0.10%
Nvent Electric PLC0.10%
Ionis Pharmaceuticals0.10%
Ingredion Inc0.10%
Elastic0.09%
Old Republic International0.09%
Mercadolibre0.08%
Eastman Chemical0.08%
Chemed0.07%
Smithfield Foods0.07%
Astera Labs0.07%
Eastgroup Properties Reit0.06%
Snowflake0.06%
Reliance Steel & Aluminum0.06%
Gentex0.06%
Dropbox Inc Class A0.05%
H&R Block Inc0.05%
Booz Allen Hamilton Holding Class0.05%
Columbia Banking System Inc0.05%
Borgwarner0.05%
Liberty Media Series C0.05%
Mongodb Class A0.05%
W. P. Carey Reit0.05%
Littelfuse0.04%
Agree Realty Reit0.04%
Coca Cola Europacific Partners PLC0.04%
Aramark0.04%
Hinge Health Class A0.04%

Only in XSPI

387 securities, 37.3% of XSPI by weight

Cash & Other3.67%
Berkshire Hathaway Inc1.58%
Spx Us 01/15/27 C76951.16%
Johnson & Johnson1.04%
Walmart Inc0.85%
Mastercard Inc0.81%
Coca-Cola Co/The0.59%
Philip Morris International Inc0.52%
Home Depot Inc/The0.50%
Ge Aerospace0.50%
RTX Corp0.42%
Wells Fargo & Co0.40%
Goldman Sachs Group Inc/The0.40%
Thermo Fisher Scientific Inc0.35%
Linde PLC0.35%
Morgan Stanley0.35%
Citigroup Inc0.33%
Kla Corp0.33%
Salesforce Inc0.30%
Analog Devices Inc0.29%
ConocoPhillips0.29%
Walt Disney Co/The0.28%
McDonald's Corp0.28%
Union Pacific Corp0.27%
American Express Co0.26%
Arista Networks Inc0.26%
Welltower Inc0.26%
Blackrock Inc0.25%
AT&T Inc0.24%
Eaton Corp PLC0.23%
Accenture PLC0.23%
Boeing Co/The0.22%
Danaher Corp0.21%
Intuitive Surgical Inc0.21%
S&P Global Inc0.21%
Deere & Co0.21%
Uber Technologies Inc0.21%
Progressive Corp/The0.21%
Altria Group Inc0.20%
Marathon Petroleum Corp0.19%
Prologis Inc0.19%
Capital One Financial Corp0.19%
Bristol-Myers Squibb Co0.19%
Automatic Data Processing Inc0.18%
Chubb Ltd0.18%
Newmont Corp0.18%
Vertex Pharmaceuticals Inc0.17%
Southern Co/The0.16%
ServiceNow Inc0.16%
Corning Inc0.16%

Weight gaps

The 100 widest of 117 Holdings in both funds.

Holding weights in BALI and XSPI, widest gap first
Holding	More in BALIMore in XSPI	BALI	XSPI
AppleAAPL	XSPI +1.74 points	6.35%	8.09%
ChevronCVX	BALI +1.18 points	1.87%	0.69%
United Parcel Service Inc Class BUPS	BALI +1.12 points	1.24%	0.12%
Costco Wholesale CorpCOST	BALI +1.07 points	1.75%	0.68%
NVIDIANVDA	XSPI +1.07 points	6.82%	7.89%
Procter & GamblePG	BALI +1.05 points	1.63%	0.58%
PfizerPFE	BALI +1.02 points	1.29%	0.27%
TjxTJX	BALI +1.00 points	1.24%	0.24%
Tesla IncTSLA	XSPI +0.97 points	0.79%	1.76%
Wec Energy GroupWEC	BALI +0.83 points	0.88%	0.05%
Lockheed MartinLMT	BALI +0.83 points	1.00%	0.17%
Exxonmobil Holdings CorpXOM	BALI +0.76 points	2.01%	1.25%
MicrosoftMSFT	XSPI +0.77 points	5.41%	6.18%
Cardinal HealthCAH	BALI +0.68 points	0.75%	0.07%
Abbott LaboratoriesABT	BALI +0.66 points	0.95%	0.29%
Verizon Communications IncVZ	BALI +0.65 points	0.93%	0.28%
Ametek IncAME	BALI +0.62 points	0.68%	0.06%
Amazon.com IncAMZN	XSPI +0.60 points	3.16%	3.76%
Visa Class AV	BALI +0.56 points	1.62%	1.06%
Alphabet Class AGOOGL	XSPI +0.55 points	2.06%	2.61%
Gilead SciencesGILD	BALI +0.55 points	0.87%	0.32%
Airbnb Class AABNB	BALI +0.55 points	0.65%	0.10%
Vulcan MaterialsVMC	BALI +0.54 points	0.60%	0.06%
Phillips 66PSX	BALI +0.51 points	0.69%	0.18%
Citizens Financial Group IncCFG	BALI +0.50 points	0.54%	0.04%
Meta Platforms Class AMETA	XSPI +0.49 points	1.60%	2.09%
UnitedHealth GroupUNH	BALI +0.48 points	1.07%	0.59%
3MMMM	BALI +0.47 points	0.61%	0.14%
Oreilly Automotive IncORLY	BALI +0.42 points	0.53%	0.11%
VerisignVRSN	BALI +0.41 points	0.43%	0.02%
Merck & Co IncMRK	BALI +0.41 points	0.97%	0.56%
Ppl CorpPPL	BALI +0.40 points	0.44%	0.04%
Mckesson CorpMCK	BALI +0.40 points	0.50%	0.10%
Valero Energy CorpVLO	BALI +0.40 points	0.57%	0.17%
Eli LillyLLY	XSPI +0.40 points	1.37%	1.77%
General Dynamics CorpGD	BALI +0.39 points	0.51%	0.12%
PepsicoPEP	BALI +0.39 points	0.68%	0.29%
Broadcom IncAVGO	XSPI +0.37 points	2.07%	2.44%
Archer Daniels MidlandADM	BALI +0.37 points	0.42%	0.05%
Medtronic PLCMDT	BALI +0.35 points	0.53%	0.18%
Applied Material IncAMAT	BALI +0.33 points	0.82%	0.49%
Comfort Systems UsaFIX	BALI +0.30 points	0.34%	0.04%
Caterpillar IncCAT	BALI +0.31 points	0.73%	0.42%
Cisco Systems IncCSCO	BALI +0.30 points	0.96%	0.66%
Us BancorpUSB	BALI +0.29 points	0.43%	0.14%
PaychexPAYX	BALI +0.29 points	0.34%	0.05%
Booking HoldingsBKNG	BALI +0.29 points	0.47%	0.18%
Lam ResearchLRCX	BALI +0.29 points	0.75%	0.46%
Rockwell Automation IncROK	BALI +0.28 points	0.32%	0.04%
Nextera EnergyNEE	BALI +0.27 points	0.55%	0.28%
Adobe IncADBE	BALI +0.27 points	0.43%	0.16%
Mondelez International Class AMDLZ	BALI +0.27 points	0.39%	0.12%
Charles SchwabSCHW	BALI +0.26 points	0.49%	0.23%
Travelers CompaniesTRV	BALI +0.26 points	0.36%	0.10%
JPMorgan Chase & CoJPM	XSPI +0.26 points	1.17%	1.43%
Northrop Grumman CorpNOC	BALI +0.24 points	0.36%	0.12%
Exelon CorpEXC	BALI +0.24 points	0.31%	0.07%
Air Products and ChemicalsAPD	BALI +0.24 points	0.33%	0.09%
Bank of AmericaBAC	BALI +0.23 points	0.75%	0.52%
Target CorpTGT	BALI +0.21 points	0.31%	0.10%
FortinetFTNT	BALI +0.21 points	0.33%	0.12%
Duke Energy CorpDUK	BALI +0.21 points	0.35%	0.14%
Intercontinental Exchange IncICE	BALI +0.21 points	0.35%	0.14%
Micron TechnologyMU	XSPI +0.20 points	1.32%	1.52%
Tyson Foods Inc Class ATSN	BALI +0.20 points	0.22%	0.02%
Starbucks CorpSBUX	BALI +0.20 points	0.37%	0.17%
Western Digital CorpWDC	BALI +0.19 points	0.36%	0.18%
BlackstoneBX	BALI +0.18 points	0.31%	0.13%
Lowes Companies IncLOW	BALI +0.18 points	0.36%	0.18%
Transdigm GroupTDG	BALI +0.18 points	0.23%	0.05%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
IntuitINTU	BALI +0.18 points	0.32%	0.14%
Amgen IncAMGN	BALI +0.17 points	0.56%	0.39%
Amphenol Corp Class AAPH	BALI +0.17 points	0.47%	0.30%
Cvs HealthCVS	BALI +0.17 points	0.34%	0.17%
Dell Technologies Inc Class CDELL	BALI +0.17 points	0.35%	0.18%
Avery Dennison CorpAVY	BALI +0.16 points	0.17%	<0.01%
T Mobile Us IncTMUS	BALI +0.16 points	0.26%	0.10%
Palantir Technologies Class APLTR	XSPI +0.15 points	0.50%	0.65%
Alphabet Class CGOOG	XSPI +0.16 points	1.93%	2.09%
Texas InstrumentTXN	BALI +0.15 points	0.59%	0.44%
International Business Machines CoIBM	BALI +0.13 points	0.51%	0.38%
Honeywell International IncHON	BALI +0.13 points	0.23%	0.10%
Palo Alto NetworksPANW	XSPI +0.13 points	0.32%	0.45%
Boston ScientificBSX	BALI +0.13 points	0.23%	0.10%
Constellation Brands Class ASTZ	BALI +0.12 points	0.15%	0.03%
Cboe Global MarketsCBOE	BALI +0.12 points	0.14%	0.02%
FastenalFAST	BALI +0.12 points	0.21%	0.09%
Seagate Technology Holdings PLCSTX	BALI +0.11 points	0.30%	0.19%
Kraft HeinzKHC	BALI +0.11 points	0.14%	0.03%
Cognizant Technology Solutions ClaCTSH	BALI +0.11 points	0.15%	0.04%
Cme Group Class ACME	BALI +0.11 points	0.26%	0.15%
Omnicom Group IncOMC	BALI +0.10 points	0.14%	0.04%
Wr BerkleyWRB	BALI +0.10 points	0.13%	0.03%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
SyscoSYY	BALI +0.09 points	0.15%	0.06%
Datadog Inc Class ADDOG	BALI +0.09 points	0.19%	0.10%
Hewlett Packard EnterpriseHPE	BALI +0.08 points	0.19%	0.11%
OracleORCL	XSPI +0.09 points	0.25%	0.34%
General Mills IncGIS	BALI +0.07 points	0.10%	0.03%

All 190 BALI holdings⁠All XSPI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BALI vs XSPI Cost

Overpaying XSPI vs BALI

$11,236

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BALI 0.35%
$7,126
XSPI 0.98%
$18,362

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
XSPI 0.98%
Overpaying

Year by year

Year	BALI	XSPI	Overpaying
10	$634	$1,729	$1,095
20	$2,454	$6,504	$4,050
30	$7,126	$18,362	$11,236

Expense ratio

0.35%BALI, cheaper
0.98%XSPI

BALI0.35%XSPI0.98%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

BALI 11th cheapest of 51 funds

XSPI 47th cheapest of 51 funds

BALI vs XSPI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%; XSPI No data
Payout (12M): BALI $2.67; XSPI No data
Last payment: BALI $0.18; XSPI $0.71
Ex-dividend: BALI Oct 1, 2026; XSPI Oct 7, 2026
Paid on: BALI Oct 6, 2026; XSPI Oct 9, 2026
Frequency: BALI Monthly; XSPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

XSPIMonthly · 9 paymentsAll XSPI payments⁠

BALI vs XSPI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BALI 10.2%XSPI No data
Return per unit of riskSharpe ratio, 3 years: BALI 1.52XSPI No data
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023XSPI No data
Market sensitivityBeta, 5 years: BALI 0.79XSPI 1.06; Market = 1

BALI and XSPI in the news

All news⁠

Income Watch
BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital
Oct 11, 2026BALI

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BALI vs XSPI

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and XSPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in XSPI

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital

How BALI and XSPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in XSPI

Weight gaps